A Laundy-led syndicate has bought the Central Coast’s Long Jetty Hotel, indicating the increasing market for strong regional assets.
Over three rounds of “hotly contested” negotiation between several parties, the group comprising Arthur Laundy, Sean O’Hara and Lee Green bought the hotel in Long Jetty for an undisclosed amount.
Agents Manenti Quinlan and Knight Frank report interest from hoteliers in Sydney and Newcastle, as well as developers attracted to the potential of the 2,491 square metre lot.
The Central Coast region, which is the third largest in New South Wales, has been experiencing sustained growth, and Long Jetty itself is being “transformed” with the opening of modern sidewalk cafes and fashion outlets.
Gerry Quinlan of Manenti Quinlan says the area is “now attracting a younger demographic”.
Vendors, the MacDougal family, have operated a number of successful high-profile hotels throughout New South Wales, including the Dam Hotel, around 15 kilometres away, in Wyong.
The syndicate of Laundy, O’Hara and Green already operate pubs at Bateau Bay and South Dubbo. Knight Frank’s Mike Wheatley notes Arthur Laundy is a strong supporter of regional operations, with pubs also in Wagga Wagga and Orange.
Laundy describes regional hotels as “real value” amid the tight yields being seen in cities, particularly Sydney.
The Laundy Group declined to reveal any plans yet for the new portfolio member, but confirmed they will be taking control in mid-to-late November.
